Uprise.Africa strictly adheres to the regulated steps to be followed during crowdfunding investment campaigns, which includes: (1) a pledge being received, (2) the pledgor and the funds must clear due diligence and compliance checks, which in this case was successfully concluded by Uprise.Africa and (3) if cleared the pledgor receives a prospectus and signs a subscription agreement to becomes an investor. This whole process can take between 60 to 90 working days.
The Sun Exchange/Uprise.Africa campaign raise was successful , Since then the prospectus has been completed and needed to be registered and filed with the Companies and Intellectual Properties Commission (CIPC) for a formal public offering.
This step would have been the final stage of the review and approval process before we issued the Prospectus and Subscription agreement, and then, share certificates to you.
But, as you are aware, the world has been in turmoil. The outbreak of the COVID-19 pandemic and subsequent lockdown restrictions in South Africa have meant limited access to government departments, including the CIPC.
At this point in time, we do not have clarity on when normality will resume with regards to halted commercial and civil activities, nor do we know what the timescales will be on the filing process with CIPC.
It is with these uncertainties and unprecedented changes to the world in mind, that the Uprise.Africa Board has taken the decision to refund all investments made during our Sun Exchange equity crowdfunding campaign.
This has been an immensely difficult and disappointing decision but, sadly, a very necessary one.
The Uprise.Africa Board was mindful of the fact that much time had passed since your investment – significantly longer than anticipated and that there was no certainty about the issuance of shares.
Uprise.Africa is a licensed financial services provider as approved by the Financial Sector Conduct Authority (FSCA) of South Africa and committed to ensuring that all investor interests are looked after with utmost diligence and care.
Uprise.Africa has an inbuilt “My wallet” feature, and all pledges will automatically be refunded in your “My wallet” with immediate effect. You may choose to allocate it to upcoming campaigns of your interest or navigate to your Uprise.Africa Dashboard to request a withdrawal of your pledged funds.
Please update your bank details on your account should you wish to withdraw the Pledge from the Uprise Wallet. We will ensure the refund process goes as efficiently as possible.
The Uprise.Africa team has appreciated being a part of this fundraising journey and wish the dedicated and passionate Sun Exchange management team all the best. Please contact the Uprise.Africa team on email@example.com .
Should you have any further queries please feel free to contact the Uprise.Africa team on firstname.lastname@example.org.